At your business meeting, you finalize the key terms orally. After a long period of negotiation, you and your team have finally landed that big client that has been in the works for months! Nothing can go wrong now, or can it? Do you really need to bring in a legal team to modify a few key terms and put everything in writing? Yes! The agreement should definitely be in writing for numerous reasons.
1. PEACE OF MIND
Peace of mind comes with knowing that you have a written agreement. You want to ensure that everyone is on the same page. It is important to have not just any agreement but one that is well written by a knowledgeable business lawyer. A well drafted contract will anticipate any problems that may arise.
It is important that it is tailored to fit the exclusive needs of your company and include all of the legal requirements for your process.
Yes, hiring legal counsel can be an investment, yet it is less expensive than years of civil litigation. To ensure your peace of mind, have your agreement reduced to writing by a professional who concentrates on the preparation of contracts.
2. MEMORIAL OF YOUR AGREEMENT
Frequently, negotiations of a deal can take weeks, months, and in some complex cases several years. Ideas and decisions can change numerous times. With the terms and objectives that can evolve, it is important to have a written agreement. It will ensure that everyone understands and accepts the terms as they exist at that moment in time. Any changes made to the original agreement should also be in writing.
3. MORE EASILY ENFORCED
By having your agreement in writing, a court will be able to enforce those legal terms with greater ease. This is yet another reason why it is so important to have a business transactions or litigation attorney working with you to draft your agreement. Although you know that your word is your bond, you have no way of knowing whether the other party truly believes the same.
There is no need to take the avoidable risk in assuming the integrity of the other parties. If your agreement was written by an experienced contract attorney, you will know that your company is protected.
4. PROTECTION OF YOUR RIGHTS IN ADVANCE
Having legal counsel who specializes in contracts, non-disclosure agreements and confidentiality agreements will protect your rights. Legal counsel will consider the concerns of your company. You may have the sharpest business minds in town working for your organization, yet without a well drafted legal document you may find your company in trouble at a later date.
What happens to your current business deal if you decide to retire or sell your company? A finely drafted agreement will incorporate these plans into your agreement. This will allow for a smooth transition and your company will not suffer in the midst of a transition. Business will continue as before.
Although there can never be any guarantees about the outcome of a business deal, protect yourself as much as possible. Before moving forward with any business agreement, be sure that all the key terms are reduced to writing and agreed to in advance and that you consult with your legal counsel.
DISCLAIMER: The information contained herein is not intended to be specific legal advice for your particular situation. It is meant to provide general information on the changing landscape of the law. You are encouraged to contact legal counsel for legal advice specific to your particular legal situation.